Are You Earning Enough?
This is a guest post by my friend and colleague, Michelle Pfennighaus.
As Michelle said, “One of the reasons Jill and I have always clicked, and often collaborated, is because we take this business seriously. Health coaching isn’t just some silly hobby we’ve picked up. It’s how we make a living.”
Yes to what she said. And with that, I’m thrilled to host Michelle on my Practitioners blog.
[This is not an affiliate promotion.]
I’m going to tell you a secret.
For the first few years of my health coaching business I worked harder than I’ve ever worked in my life. Blood. Sweat. Tears. My previous career in corporate advertising was a cakewalk compared to this!
The good news was that my clients were experiencing fantastic, life-altering results.
But without my husband (bless that man) I would have been below the poverty line, earning about $20,000/year.
Do you see something dreadfully wrong with this story?
Or worse…can you relate to it?
None of us got into health coaching for the money. However, it’s nearly impossible to serve the greater good if you can’t afford to put a roof over your head.
So let’s get down to business. And I do mean “business.” Because without earning a decent income, health coaching isn’t a career. It’s a hobby.
The truth is, there were some things my business sorely lacked in those early days.
If you intend for your business to be profitable and sustainable, consider these to be absolute must-haves:
1. A Strategic Income Map
It’s great being your own boss because you can do whatever you want, whenever you want!
Unfortunately this usually translates into jumping into random projects without having a clue of what we’ll do next, or how we’ll make the most out of different times of year.
Instead, I highly suggest mapping out a plan to earn the salary you want. It will help you find focus and keep you from getting overwhelmed while you work towards the salary you need and deserve. And it’s easier than it sounds!
I’ll be teaching exactly how to craft a 12-month plan in my upcoming, free training: How To Earn a Full Time Salary as a Health Coach. Click here to register >
2. A High Ticket Offering
This is simple math. Let’s say you want to earn $50,000.
If you are selling a $10 product/service, you would have to make 5,000 sales. But if you are selling a $2000 product/service, you would only need to make 25 sales.
Which is more likely to be a viable business model for a health coach with a mailing list of only a couple hundred names?
You see my point.
3. Defined Work Hours
Pretend you have one of those OPEN/CLOSE signs on the door of your business. What hours are listed for each day of the week?
It’s tempting to bend over backwards, scheduling meetings for any time of day or night. But trust me…this does not encourage clients to respect you as a professional or take your work together seriously. If they don’t see results, what are the chances that they will refer you to others?
Plus, you are likely to crash and burn before you ever earn a decent salary.
Know your hours. Stick to them. Period.
4. A Quality Mailing List
Your mailing list is perhaps your greatest asset as a business owner, so focus heavily on adding the right people to yours. Sure, it’s nice that your sister and best friend are on your list…but are they your target market?
And that, of course, brings me to…
5. A Target market
Yes, you can help many different people as a health coach. But – and this is a big “but” – you can only effectively market yourself to one specific group at a time.
In addition to choosing a demographic like “moms” or “busy professionals,” define your target market by the big problem they have that you can help solve. Potential clients may be willing to pay a little to learn to “eat healthier.” But they are much more likely to invest in solving a problem they are struggling with. (For example: fatigue, stubborn weight, chronic disease, etc.)
How many of these 5 must-haves you currently have in place? If you’ve been struggling to earn enough with your practice, join me for How To Earn a Full Time Salary as a Health Coach. I’ll see you there!